Civic Intelligence

Housing Lopez

990 • Fiscal year 2023 • EIN 83-1734958

Jan 01, 2023 to Dec 31, 2023 • Filed on May 13, 2024

Organization Profilehousinglopez.org
PO Box 493Lopez Island, WA 98261

(425) 922-3980

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

59th percentile

0.12x

Higher debt load relative to assets than 59% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

74th percentile

0.34x

Higher debt load relative to revenue than 74% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

95th percentile

74%

Higher net margin than 95% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

85th percentile

35%

Faster asset growth than 85% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

59th percentile

13%

Faster revenue growth than 59% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets59th percentile

Assets

Up

$4,884,900

Up $1,266,773 (+35%) from 2022

Net Assets

Up

$4,301,581

Up $1,277,880 (+42%) from 2022

Liabilities

Down

$583,319

Down $11,107 (-1.9%) from 2022

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin95th percentile

Revenue

Up

$1,737,278

Up $195,601 (+13%) from 2022

Expenses

Up

$459,398

Up $257,818 (+128%) from 2022

Net Income

Down

$1,277,880

Down $62,217 (-4.6%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth85th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$10M$5.0M$0Assets 2019: $287,077Liabilities 2019: $0Net Assets 2019: $287,0772019Assets 2020: $507,345Liabilities 2020: $0Net Assets 2020: $507,3452020Assets 2021: $2,287,302Liabilities 2021: $603,698Net Assets 2021: $1,683,6042021Assets 2022: $3,618,127Liabilities 2022: $594,426Net Assets 2022: $3,023,7012022Assets 2023: $4,884,900Liabilities 2023: $583,319Net Assets 2023: $4,301,5812023Assets 2024: $8,955,728Liabilities 2024: $570,706Net Assets 2024: $8,385,0222024

Highlighted filing

2023

Assets$4,884,900
Liabilities$583,319
Net Assets$4,301,581
Open 2023 Filing

Operations Trend

Revenue Growth59th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0Revenue 2019: $315,770Expenses 2019: $39,246Net Income 2019: $276,5242019Revenue 2020: $367,553Expenses 2020: $147,286Net Income 2020: $220,2672020Revenue 2021: $1,205,303Expenses 2021: $29,044Net Income 2021: $1,176,2592021Revenue 2022: $1,541,677Expenses 2022: $201,580Net Income 2022: $1,340,0972022Revenue 2023: $1,737,278Expenses 2023: $459,398Net Income 2023: $1,277,8802023Revenue 2024: $9,055,781Expenses 2024: $4,972,340Net Income 2024: $4,083,4412024

Highlighted filing

2023

Revenue$1,737,278
Expenses$459,398
Net Income$1,277,880
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
May 13, 2024
Return Version
2023v5.0
Gross Receipts
$1,737,278
Mission and Program Overview

Mission

Our mission is to develop, promote and manage alternative housing options on Lopez Island, Washington, with the specific purpose of addressing the need for low cost and moderate cost affordable housing. It is our goal to create rental housing that is affordable to persons and families working on Lopez Island, Washington.

Housing Lopez is a non-profit organization dedicated to solving the rental housing crisis on Lopez Island by developing dedicated, affordable, sustainable rental housing communities.(See Schedule O for the full mission statement.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,257,120$3,204,163▼ $52,957
Cash and Non-Interest-Bearing Accounts$295,306$1,610,893▲ $1,315,587
Investments in Publicly Traded Securities$59,360$63,001▲ $3,641
Prepaid Expenses and Deferred Charges$6,341$6,843▲ $502
Total Assets$3,618,127$4,884,900▲ $1,266,773
Liabilities
Mortgage Notes Payable Secured by Investment Property$586,726$575,619▼ $11,107
Other Liabilities$7,700$7,700→ $0
Total Liabilities$594,426$583,319▼ $11,107
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,023,701$4,301,581▲ $1,277,880
Total Net Assets Fund Balance$3,023,701$4,301,581▲ $1,277,880
Total Liabilities and Net Assets / Fund Balance$3,618,127$4,884,900▲ $1,266,773

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,995,135$122,533$2,117,668
Land$1,209,028-$1,209,028
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
John TaylorCo Chair
Melora HillerCo Chair
Bill JohnsonDirector
Doug StevensonDirector
Pixie EslingerDirector
Richard ManderbachDirector
Steve Van VleetDirector
Linda FloodeenAssistant Treasurer
Barbara SchultheissSecretary
Doug BowenTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,653,647
Program Service Revenue
$0
Investment Income
$1,131
Other Revenue
$82,500
All Other Contributions
$1,553,647
Change in Net Assets
$1,277,880
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$449,398
Total Fundraising Expense$42,329
Professional Fundraising Fees$10,000
Grants and Similar Amounts Paid$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$210,016--$210,016
Depreciation Depletion$61,267--$61,267
Advertising$7,611-$32,329$39,940
Fees for Services Other$33,123--$33,123
Interest$23,267--$23,267
Office Expenses-$12,581-$12,581
Fees for Services Professional Fundraising--$10,000$10,000
Insurance$5,581$1,159-$6,740
Occupancy-$2,742-$2,742
Fees for Services Legal-$2,456-$2,456
Fees for Services Accounting$1,100--$1,100
Total Functional Expenses$398,131$18,938$42,329$459,398
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$10,000
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security deposits$7,700
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990 governing body review Part VI line 11

“Section B, Line 11b: Form 990 is posted to Housing Lopezs Google Drive Account and all board members are notified that it is available for review.”

Governing documents etc available to public Part VI line 19

“Section C, line 19: We have not received any requests from the public for documents; however, if any member of the public were to request documents, we would make them available in a timely manner.”

Filing and Contact Details

Filer

Filer Name
Housing Lopez
EIN
83-1734958
Address
PO Box 493, Lopez Island, WA 98261

Signing Officer

Name
Douglas Bowen
Title
Treasurer
Phone
4259223980
Signed
2024-05-13
Discuss with paid preparer
No

Organization Details

Formed
2018
Legal Domicile
Wa
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
7

Preparer

Firm
Brederode Tax LLC
Address
13548 N Abeja Rd, Rathdrum, ID 83858
Preparer
Daurell Bell
Phone
2086517752
Supplemental Narrative

Additional Explanations

General explanation attachment

“Housing Lopez completed the development and construction of its first affordable rental housing community in 2021. Now known as FishBay Cottages, the community is comprised of six modular rental units. Each cottage is 843 square feet, with two bedrooms and one bathroom. Three of the units are low income housing and three of the units are moderate income housing, as defined by San Juan County. All units are occupied. The community is self-sustaining and permanently dedicated to affordable rental housing. Housing Lopez is dedicated to solving the rental housing crisis on Lopez Island proceeded in 2022 and 2023 with preliminary work for a second affordable rental housing project.”

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IRS990/ProgSrvcAccomActy2Grp/Desc0Fish Bay Project: Comprised of six modular rental units. Each cottage (unit) is 843 square feet, with 2 bedrooms and 1 bathroom. All six of the units were occupied at the end of the year. Three of the units are low income housing and three of the units are moderate income housing, as required and defined by San Juan County. The project is intended to be self-sustaining and permanently dedicated to affordable rental housing. Additional landscaping was done in 2023 and an additional storage shed was built on the site.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Section B, Line 11b: Form 990 is posted to Housing Lopezs Google Drive Account and all board members are notified that it is available for review.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Section C, line 19: We have not received any requests from the public for documents; however, if any member of the public were to request documents, we would make them available in a timely manner.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Housing Lopez completed the development and construction of its first affordable rental housing community in 2021. Now known as FishBay Cottages, the community is comprised of six modular rental units. Each cottage is 843 square feet, with two bedrooms and one bathroom. Three of the units are low income housing and three of the units are moderate income housing, as defined by San Juan County. All units are occupied. The community is self-sustaining and permanently dedicated to affordable rental housing. Housing Lopez is dedicated to solving the rental housing crisis on Lopez Island proceeded in 2022 and 2023 with preliminary work for a second affordable rental housing project.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Governing documents etc available to public Part VI line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2General explanation attachment
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,884,900
Liabilities
$583,319
Net assets
$4,301,581
Revenue
$1,737,278
Expenses
$459,398
Net income
$1,277,880
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$8.96$0.57$8.39$9.06$4.97$4.08
2023Detailed filing. Detailed filing data is available for this year.$4.88$0.58$4.30$1.74$0.46$1.28
2022Detailed filing. Detailed filing data is available for this year.$3.62$0.59$3.02$1.54$0.20$1.34
2021Detailed filing. Detailed filing data is available for this year.$2.29$0.60$1.68$1.21$0.03$1.18
2020Detailed filing. Detailed filing data is available for this year.$0.51$0.00$0.51$0.37$0.15$0.22
2019Detailed filing. Detailed filing data is available for this year.$0.29$0.00$0.29$0.32$0.04$0.28